The strategy's oversubscribed predecessor closed in 2022 with $4.9 billion in capital commitments.
Mill Reef Capital Fund III will continue the Swiss firm's strategy of investing in smaller, often bespoke GP-led secondary transactions in Europe's small-buyout and lower-mid-market segments.
Dover Street XII is targeting $20 billion in capital commitments, with a final close expected in December 2027.
Having already exceeded its previously stated offering amount, the fund is approximately 68% larger than its predecessor.
The New York-based manager is also planning a successor to its GP-led secondaries fund in 2027 and is targeting an H1 first close for its debut credit secondaries offering.
The firm also expects to hold a first close for its tenth real estate secondaries strategy by year-end at more than 50% of its initial $2.5 billion target.
